Trust Bank hits one million customers, launches investment products

SINGAPORE digital bank Trust Bank has hit the one-million-customer milestone, making up about 20 per cent of the adult population in the city-state.

It crossed the milestone in February, up from 974,000 customers at the end of 2024. It has more than 140,000 customers under 25 years old, and over 250,000 customers above 55 years old.

Dwaipayan Sadhu, chief executive officer of Trust Bank, said: “Quite unlike other digital banks in other parts of the world, we have a customer demographic which almost mirrors Singapore’s.”

Each customer makes an average of 21 credit card transactions a month, totalling more than S$4 billion in credit card spend in 2024.

Deposits doubled in 2024 to S$3.8 billion from S$1.9 billion in 2023. Revenue for the year rose 2.5 times to S$97 million. Costs in 2024 increased marginally, by about 5 per cent, to S$157 million from S$151.2 million the year before.